BIT Week 2025: Hong Kong Showcases Innovation and Global Business Opportunities

Speech by FS at Opening Ceremony of BIT Week 2025 (with photos/video)

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Opening Ceremony of BIT Week 2025 today (April 13):

尊敬的徐曉蘭常委 (member of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference)、趙岩副省長 (Vice Governor of Jiangsu Provincial People's Government)、王偉明部長 (Director-General of the Department of Educational, Scientific and Technological Affairs of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region), Peter (Chairman of the Hong Kong Trade Development Council (HKTDC), Dr Peter Lam), Margaret (Executive Director of the HKTDC, Ms Margaret Fong), distinguished guests, ladies and gentlemen,

It is my pleasure to welcome you all to Hong Kong's Business of Innovation and Technology (BIT) Week. As Margaret eloquently highlighted, this week features a dynamic series of exhibitions, dialogues, summits and festivals – each designed to spark collaboration, inspire innovation and seek to map the future of the digital economy.

To our international guests: a very warm welcome to Hong Kong, Asia's World City.

Allow me to take a moment to highlight why Hong Kong is the ideal strategic destination for innovation and technology businesses.

In addition to our world-class infrastructure and business-friendly environment mentioned by Margaret, Hong Kong's "one country, two systems" arrangement has set us apart from any other city in Asia. To name just a few of our unique strengths, we have –

These strengths have made Hong Kong a premier launchpad for companies looking to scale up their business in Asia and beyond.

Today, we are home to over 4 700 startups, and 28 per cent of their founders come from outside the city. For a glimpse of this dynamism, I encourage you to visit InnoEX, which showcase the ingenuity of our startups and talent, with groundbreaking innovations ranging from AI and robotics to green tech, smart mobility, and much more.

Hong Kong's appeal extends beyond these. We offer a comprehensive funding ecosystem, spanning angel investments, venture capital, private equity to one of the world's deepest and most liquid stock markets. Besides, together with Greater Bay Area cities like Shenzhen and Guangzhou, we offer you a vibrant ecosystem that caters to the needs of innovative companies from different sectors and different stages of development. In fact, we have been ranked the world's second most innovative cluster for five consecutive years.

Ladies and gentlemen, we gather at a pivotal moment. We are witnessing a shifting global landscape marked by a daunting trade war and technological fragmentation. Trade patterns, industrial chain, supply chain and partnerships are being reshaped. In this "new normal", many businesses will have to find new collaborators, explore untapped markets and embrace more agile business models.

In these turbulent times, Hong Kong remains open and welcoming to businesses and talent from all over the world. We are eager to establish new connections and forge new partnerships. These are in our DNA. Rest assured that our free port status and free trade policy remain unshaken. We are firm in our commitment to the free flow of capital, goods, talent and information.

Let me conclude by extending my gratitude to my government colleagues, the HKTDC, and all the exhibitors and partners who have brought the BIT Week to life. To our visitors: beyond networking and conducting business, please take some time to explore this vibrant city, not just our scenic hills, stunning coastlines and beautiful outlying islands, but also the 200+ Michelin-recommended restaurants. We impose no duty on wine. Coldplay was performing in our world-class Kai Tak Stadium. The Palace Museum and M+ museum are just across the harbour.

I am sure you will enjoy the city, and wish you all the best of business and health for the time ahead. Thank you very much.

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Approval for third round of application under Labour Importation Scheme for Transport Sector - Aviation Industry completed

The approval process for the third round of application under the Labour Importation Scheme for the Transport Sector - Aviation Industry has been completed. The Transport and Logistics Bureau (TLB) issued letters today (April 16) to all applicants on the application results.

The application period for the third round of application under the Scheme was from March 18 to 31. A total of 34 companies eligible for quota application (eligible companies) submitted applications within the period, involving 3 292 labour importation quotas covering all 10 job types under the Scheme. After assessment by the interdepartmental liaison group comprising representatives from the TLB, the Labour Department and the Airport Authority Hong Kong (AAHK), the Permanent Secretary for Transport and Logistics approved the applications from 34 companies involving a total of 2 206 quotas, representing all the unused quotas after the first two rounds of applications. In vetting and allocating the quotas, the group has taken into consideration all relevant factors such as the business development needs of the applicants and the requirements of the Scheme (including the requirements of the manning ratio of local staff to imported labour and the conduct of local recruitment).

The results with a breakdown by job type of the third round of application are at the Annex.

Under the Scheme, approved eligible companies have to pay the AAHK $400 per month for each worker imported, while the AAHK will contribute a lump sum in an amount of the same magnitude as the total amount paid by applicants. As driven by the Government and co-ordinated by the AAHK, the relevant payments will continue to be used for subsidising the transportation costs of the local frontline staff responsible for airport operation.

The TLB and the AAHK will continue to engage in regular meetings with the stakeholder consultative group to listen to the views of stakeholders on the Scheme. They will continue to enhance information dissemination through the consultative group in order to facilitate the smooth implementation and execution of the Scheme.

Upon the conclusion of the third round of application, all 6 300 quotas under the Scheme have been approved. The TLB will announce the way forward of the Scheme, including the arrangements on the expiry of imported workers' employment contracts, in due course.

Premised on safeguarding the employment of local labour, the Scheme was introduced in July 2023 to allow the aviation industry to suitably import labour with a view to relieving the acute manpower shortage and supporting the continual development of Hong Kong's aviation industry. After the first two rounds of applications, 4 094 quotas have been used, covering all 10 job types under the Scheme.